Right up front I apologize for the length of this post but believe it is too timely not to share. I initially put this together in August of 2011 so had to adjust some of the numbers. At the time I should have documented my sources but remember that credit goes to Peter Schiff, Thomas Sowell (see feed on the right) and an anonymous blog poster for much of the content. I tied it all together in hopes of using it some day and just rediscovered it this morning.
In a this time of great uncertainty we can be perfectly sure of a few things. Since our current national debt of $16.2 trillion is 162 times $100 billion, we will take 162 years to pay it off at the rate of $100 billion per year, interest not included. The interest is $253 billion plus per year. Once we add that in, our new total pay off amount is close to $30 trillion, but could go much higher. However, we plan to borrow much more: $7 trillion more in just the next 10 years. That will mean an additional 70 annual payments of $100 billion each, interest not included. So, our payoff time will increase from 162 years to 216 years. This is called generational theft.
What have we done and what are we doing to our children, their children, their children, and so on? This is like living as parasites, that is, on our own offspring. History will show that our leaders acted like thoughtless, apathetic, selfish thieves. They tell us all the borrowing is necessary to fund bailouts, stimulate the economy, and pay entitlements. Never mind that our children will need to face the same challenges in the next 146-215 years and will need to use some good AAA credit. Oh no – we are so very special. We had to borrow it all now and expense it to them: a $16.2 trillion debt and counting, interest not included. This is absolutely taxation without representation. We should shoulder our own misery, but we persist in making those future Americans who are completely innocent and least able to defend themselves against us pay it.
Can you imagine? Debtor says, “I want another loan.” Creditor responds, “How much do you owe?” Debtor says, “So much I need at least 162 years to pay it back.” Creditor says, “Tell me your plan.” Debtor says, “I have no plan to pay it back. I will only pay the interest.” Creditor says, “You want your kids, grand kids, and great grand kids to pay it back?” Debtor says, “It will be very painful for me if I do not get the loan for my needs. I will print some money, too.” Creditor says, “But you have no plan?” Debtor says, “I plan to borrow 6.5% more year over year instead of 8% more year over year.” Creditor says, “You owe so much it will take 162 years and counting to pay it back, you have no plan to balance your budget, you print money, you plan to borrow 6.5% more each year than you did the year before…forever, you dump all your debt on 3 future generations and counting, and you want us to believe that you have integrity, and are worthy of full faith and credit?” Debtor says, “I want what I want when I want it, and I want it right now for my needs. Give me the loan.”
We should have been downgraded when our debt exceeded $4 trillion, not $14.6 trillion. We have basically taxed 100 million Americans who won’t be conceived for the next 50-100 years at least $16.2 trillion. We are even using some of that money to fund some of the abortions of those presently conceived. We are assaulting some of those in the womb and also all of those who have not even made it there yet.
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